The global life jacket market was valued at more than USD2 billion in 2015 and is expected to reach almost USD3 billion by 2020, says Technavio.
Technavio has announced its latest market research report on a life jacket during the forecast period, 2016-2020. This market analysis, under the new research areas vertical, discusses the major drivers and key emerging trends that will influence the growth of the global life jacket market during the forecast period. Some of the top vendors listed in this industry analysis include Survitec, International Safety Products, and VIKING Life-Saving Equipment.
In terms of geographical analysis, APAC will be the fastest-growing region in the global market, and is expected to reach revenues of around USD780 billion by 2020. Bangladesh, China, India, and Sri Lanka will emerge as the key revenue-generators.
“These life jackets are designed for the users to be comfortable, easy to maintain, and have the buoyancy to turn an unconscious user face up in the water to enable them to breathe. These properties make it less bulky and are becoming preferable for many recreational users. The vendors are offering innovative products to attract more consumers and increase their profitability. Some of these products include comfortable with extra-large arm holes, additional accessories such as zipper pockets, emergency light stick holders, and high visibility reflective tapes that offer enhanced visibility in the water,” says Sarah Haque, a lead analyst at Technavio for research on new research areas.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Demand for coast guards
The duties and responsibility of coast guards include search and rescue, the safety of vessels, border control, maintenance of seamarks, and enforcement of maritime law. These duties and responsibilities mandate the use of life jackets for these professionals. These jobs require a proper protection of personnel with all the necessary gears as they work in environments with a high risk of fatalities and accidents. The different types of life jackets used by coast guards include offshore life jackets, near shore life jackets, inflatable life jackets, and special use life jackets. These jackets are accessible to them in their boats and near places of work and consist of additional features such as emergency lights and whistles.
Growth in water sports
The growth in recreational water activities is promoting the use of life jackets in these sports. Water sports includes outdoor recreational activities and involves activities such as recreational diving, canoeing, fishing, and boating. Furthermore, the government of various nations is mandating the use of life jackets in all water sports. For instance, it is mandated that all boats should have life jackets approved by the US Coast Guard. The popularity of recreational water sports will have a positive impact on the growth of the global life jacket market.
Growth in boating industry
The use of boats for both leisurely activity and a mode of transport will increase the demand for life jackets in the market. The increasing demand for boating activities is raising the requirement for life jackets as personal safety from drowning. The emergence of online share-ride service providers such as Uber has established service in boat-sharing in about 200 cities in 53 countries which will result in the growth of the market.
Other prominent vendors identified in this report are Marine Safety Products, Aqua Life, Hansen Protection, H3O Water Sports, Johnson Outdoors, Kent Sporting Goods, Mustang Survival, Stormy Lifejackets, SECUMAR, Spinlock, SeaSafe Systems, and The Coleman Company.
This research report includes an in-depth analysis, market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Life Jacket Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Diving Suit Market 2016-2020
- Global Sports Fishing Equipment Market 2016-2020
- Global Sports Equipment Market 2016-2020
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